Google has announced a major shake-up which will see it become part of a new parent company called Alphabet.
The newly created firm will house Google’s main businesses, including its search engine unit, mapping and YouTube.
Under the surprise reorganisation, Google will also be “slimmed down”, with some of its newer entities to be run separately.
They include Google Fiber, Nest, the investment arm Google Ventures, its current efforts in life sciences and its delivery drones venture.
Google co-founder and chief executive Larry Page will remain at the helm, becoming Alphabet’s CEO.
He explained the reforms in a blog post, writing: “Our company is operating well today, but we think we can make it cleaner and more accountable.
Sundar Pichai will become Google’s CEO
“So we are creating a new company, called Alphabet.
“Alphabet is mostly a collection of companies. The largest of which, of course, is Google.
“This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead.
“This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google,” he added.
Mr Page’s fellow Google co-founder Sergey Brin will become president of Alphabet, while Google’s executive chairman Eric Schmidt will become Alphabet’s executive chairman.
Google’s senior vice president of products, Sundar Pichai, will take on the role of Google CEO.
Alphabet Inc will replace Google as the publicly traded entity.
All Google shares will be automatically converted into the same number of Alphabet shares, with all of the same rights.
The company said the new structure will take effect “later this year”.